Ambrose, Brent W; Benjamin, John D; Chinloy, Peter - In: The Journal of Real Estate Finance and Economics 26 (2003) 1, pp. 81-94
This paper develops an equilibrium model of the commercial mortgage market that includes the sequence from commitment to origination and allows testing for differences by type of lender. From borrowers, loan demand is based on the income yield, capital gains, and expectations about return...